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but from the tax code in 1913 only 14 pages we have warped into the 702000 page monster. more than 1,000 different forms to download. nobody understands. h&r blocloves it but it is a news around the neck of the american economy. every page has something in it that sounds good but look what it adds up to 27 spending. the welfare state. people say te care of people. unintended consequence? >> you heard those most vulnerable. the welfare state is like flypaper. there are shocking figures showing as the income rises to live the american dream, you start to get taxed on one end the government takes away benefits on the other end those who lose a living standard with $10,000 more in salaries. >> they play more in taxes and lose government benefits. >> earned income credit, o welfare benefits, medicaid, food stamps, housing assistance, you're on a treadmill. you are running harder and it goes backwards. think of the mmssage that since. they think i will not work as hard or get disability. john: in pennsylvania with $29,000 of income you are better to stay there than earning 55,0
but from the tax code in 1913 only 14 pages we have warped into the 702000 page monster. more than 1,000 different forms to download. nobody understands. h&r blocloves it but it is a news around the neck of the american economy. every page has something in it that sounds good but look what it adds up to 27 spending. the welfare state. people say te care of people. unintended consequence? >> you heard those most vulnerable. the welfare state is like flypaper. there are shocking figures...
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, and, now, the tax cuts are good. how can this be? it's interesting, isn't it? that's all for us. have a great weekend. we'll see you monday. good night from new he said the. 40 years back. what are we now? 9:00 p.m. sunday. fox news. relive the dream dream again. >> the federal government will conduct a national test of the emergen alert system. >> you cannot avoid it. it is everywhere. john: does it make you feel safe the government spent 40 years studying the assault assault -- soap. do we need government to protect workers? >> absolutely. next? -- question. [laughter] >> good intentions and gone wrong. that is e show. tonight. john: politians claimed they make life better to pass laws. they have good intentions but we should not judge by intention. politicians good intentions go wrong. work regulation. companies are not greedy they don't care about their workers but seems reasonable government has tprotect them. almost everybody agrees. >> they should be protected. defitely. so many things could have been. corpora
, and, now, the tax cuts are good. how can this be? it's interesting, isn't it? that's all for us. have a great weekend. we'll see you monday. good night from new he said the. 40 years back. what are we now? 9:00 p.m. sunday. fox news. relive the dream dream again. >> the federal government will conduct a national test of the emergen alert system. >> you cannot avoid it. it is everywhere. john: does it make you feel safe the government spent 40 years studying the assault assault --...
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taxes back to the pre-bush rates. he gets all tax increases and can blame the ones not popular on republicans for not negotiating. he gets something he'll never get, never get in a negotiation. if you look at the spending cuts, half out of defense, half out of domestic. defense makes up 16% of the budget. the rest is domestic. there's no way that you're going to have any kind of budget deal that's negotiated that's going to take as much as r out of defense. >> you think he has leverage because he can say go over the cliff. >> he wants the defense cuts. he gets all of the defense cuts, more than he would get in a negotiation and all of tax increases, including the money from the unpopular ones. he wants the money because he wants more spending -- wants to be able to spend more. and he gets really a fairly small down payment on domestic discretionary cuts, half a trillion dollars is a drop in the bucket of what we have to do. he gets two things he wants. >> one of things he's going to be facing in the second term is a m
taxes back to the pre-bush rates. he gets all tax increases and can blame the ones not popular on republicans for not negotiating. he gets something he'll never get, never get in a negotiation. if you look at the spending cuts, half out of defense, half out of domestic. defense makes up 16% of the budget. the rest is domestic. there's no way that you're going to have any kind of budget deal that's negotiated that's going to take as much as r out of defense. >> you think he has leverage...
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a promise to never raise taxes. at one point, not signing would have been political suicide for republicans, but now, fears about the fiscal cliff and america's debt are pushing some seen here to renounce the pledge. i've been highlighting members of congress who have recently said they're getting over grover. one, tom cole, says he is not bound anymore. representative cole, you wrote allowing taxes to rise for the top bracket may seem acceptable by comparison, but this path would be enormously damaging for the economy. which meant you weren't going to do it. now, you've been urging your fellow congressmen to at least extend the bush era tax cuts to those making less than $250,000 and then do battle over tax cuts for the wealthy later. what has changed your mind? >> frankly, nothing, and you've mischaracterized my position. i'm not for raising tax rates on anybody. it's going to slow down, hurt rates. that's my position. not just because i signed a pledge, because that's what i believe. what i have said is we agree
a promise to never raise taxes. at one point, not signing would have been political suicide for republicans, but now, fears about the fiscal cliff and america's debt are pushing some seen here to renounce the pledge. i've been highlighting members of congress who have recently said they're getting over grover. one, tom cole, says he is not bound anymore. representative cole, you wrote allowing taxes to rise for the top bracket may seem acceptable by comparison, but this path would be enormously...
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the white house wants a tax on the rich and increase on the debt limit. say tax tight cost american jobs. medicare is going bankrupt, inability will be bankrupt two years. of democratsity republicans to reach a compromise is frustrating to about socialry security and medicare benefits. a lot of times when people are dug in, they hav a lot of misinformation. still, some insist progress made. g >> our economy is moving up, not enough. go over that cliff would be terrible. in her place of work, linda coolercooler head -- prevail. >> we hope that government will work withus so we can them. on that talk shows today, said he wouldrker agree to higher taxes a the wealthy if it meant chance to overhaul costly like medicare. democrats are skeptical of gop proposals. >> thank you. it happened again -- an intruder e into a georgetown university students president. this happened early this morning. woke upn't work at -- d found the intruder. the student was not hurt. ago, a man broke into campus rowhouse and attacked to students in sight. indication than incidents ar
the white house wants a tax on the rich and increase on the debt limit. say tax tight cost american jobs. medicare is going bankrupt, inability will be bankrupt two years. of democratsity republicans to reach a compromise is frustrating to about socialry security and medicare benefits. a lot of times when people are dug in, they hav a lot of misinformation. still, some insist progress made. g >> our economy is moving up, not enough. go over that cliff would be terrible. in her place of...
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tax. they have had a great deal. president obama said that up for them. -- president bush set that up for them. we ask the wealthy to pay for their fair share. what we had was economic prosperity. when you see the gains they're playing in congress right now, to suggest he could do this with deductions is not true. the math does not add up. the president has to stick to his guns in insuring that it is time for the wealthiest americans to help bail out from this mess. we have to make cuts. they have to be prudent. the president and vice-president do not believe the way to balance the budget is on the backs of the states. if they reduce the commitment to health care, medicare, medicaid and say we will reduce the reimbursement and shift the burden back to the states, the president knows that is not doing anything to achieve his goal of universal health care at a time when we are implementing the affordable care act. what you will see is a very balanced approach. i know the presence will not ba
tax. they have had a great deal. president obama said that up for them. -- president bush set that up for them. we ask the wealthy to pay for their fair share. what we had was economic prosperity. when you see the gains they're playing in congress right now, to suggest he could do this with deductions is not true. the math does not add up. the president has to stick to his guns in insuring that it is time for the wealthiest americans to help bail out from this mess. we have to make cuts. they...
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it i not in n it -- is about more than $500 billion in tax cuts. it'ss about a veryragilele psychology for this country. we see constandysfunction. alan kruer a has said this could d be dastatiting. there are psychchological srs leftft by this and we try to see evidence of that today with the drop in consumer confidence. that reading is a harsh remininder of what could a way to end it will really ve a big impact as we get oser to the holiday shopping season. one small businessman said to the presidident that nt time you scscdule thi don't do itt around christmas >> barbara ley in, what is s it businesseses aree more anxus about? arare they more excited about the grow in jobs o more anxious about the uncertainty in washington? >> they are anxious about the uncertainty. business people like prededictability whether it is good, bad, or whatevever. they want to know what they are dedealing with but people aree still uncomfortable and on well into thosese expansions and unwilling to hire a loof people because they just don't know whahat the public polic
it i not in n it -- is about more than $500 billion in tax cuts. it'ss about a veryragilele psychology for this country. we see constandysfunction. alan kruer a has said this could d be dastatiting. there are psychchological srs leftft by this and we try to see evidence of that today with the drop in consumer confidence. that reading is a harsh remininder of what could a way to end it will really ve a big impact as we get oser to the holiday shopping season. one small businessman said to the...
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the lens that pays around forty eight percent tax germany pays around forty percent average families that pay in tax now we spoke to a few londoners on the streets and asked them about how they feel about how much tax they pay let's take a listen i'm not particularly looking for us personally each player such as think it should be fair across the board move people should pay proportionately. to. working with you know getting from it really. feels like it's all going to the fact that for the. communities it's just so as you can see you know a lot of people just extremely frustrated that they aren't getting any of their local services back it's demoralizing figure and as the government had promised to recognize marriage to provide some of these tax breaks they haven't done that yet and in the run up to christmas with prices on the rise through prices fuel prices just the price of heating a family's home this is very very bad news and a lot of people feeling extremely frustrated about it. italian prime minister mario monti who has a non-elected cabinet of technocrats stated that he plan
the lens that pays around forty eight percent tax germany pays around forty percent average families that pay in tax now we spoke to a few londoners on the streets and asked them about how they feel about how much tax they pay let's take a listen i'm not particularly looking for us personally each player such as think it should be fair across the board move people should pay proportionately. to. working with you know getting from it really. feels like it's all going to the fact that for the....
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there's not a tax for that, pretty sure. to the point to have the additional costs which would have to be hundreds and hundreds of billions of dollars, where's that's coming from? unless they use taxes on fuels to be the solution, that, at least, in theory, does not st the government money. it doesn't mean it passes or have other effects. neil: cost money? >> not economy, but it will not look like they need o spend to solve the problem if that's the way it es. neil: [inaudible] >> yeah, we're broke. we're turn your pockets inside out, it's over. no money. neil: you got the point across. thank you, both, very much. washington, we have a problem. don't think so? here's it's straight from the real guys behind this, after this. ♪ >> in is hoton, say again, please. >> houston, we have a problem. we have a main bolt, we have a lot of thruster, activity, houston. houston. just went offline. having you ship my gifts couldn't be easier. well, having a ton of locations doesn't hurt. and a santa to boot! [ chuckles ] right, baby. oh,
there's not a tax for that, pretty sure. to the point to have the additional costs which would have to be hundreds and hundreds of billions of dollars, where's that's coming from? unless they use taxes on fuels to be the solution, that, at least, in theory, does not st the government money. it doesn't mean it passes or have other effects. neil: cost money? >> not economy, but it will not look like they need o spend to solve the problem if that's the way it es. neil: [inaudible] >>...
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>> 2%. >> raise taxes. >> 2%? >> raise tax revenue by capping deductions at 2%. >> at 2% of income? >> no, no, no. that will cause a revolution. [ laughter ] >> a bad idea. >> he said it would raise 400, $500 billion over a decades assuming the deductions were still allowed. that is more than half of the g.o.p. revenue goal. >> what you want to do is put a limit on the offsets you can have applied to your income if you're in the upper ranges of the income spectrum, okay? the top 2% is what he is talking about. there is something to that. i think whatever the program is, it seems to me we must do something about it. because otherwise if we have -- the debt ceiling is the critical issue. because if we get up there and we will get up there sometime between now and february, you could have another great collapse in terms of the confidence notice american dollar that. would be a huge, huge issue for the united states. so we must be in a position where it is not that we have authorized the spending of the money, we just don't have the money. we're running a deficit of $25 billion every we
>> 2%. >> raise taxes. >> 2%? >> raise tax revenue by capping deductions at 2%. >> at 2% of income? >> no, no, no. that will cause a revolution. [ laughter ] >> a bad idea. >> he said it would raise 400, $500 billion over a decades assuming the deductions were still allowed. that is more than half of the g.o.p. revenue goal. >> what you want to do is put a limit on the offsets you can have applied to your income if you're in the upper ranges...
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current payroll tax cut is set to expire on december 31st. in dollars and cents this means your payroll tax withholding is going from 4.2% to 6.2%. now why is this happening? many of the policies expiring at the end of the year like the payroll tax cut and emergency unemployment benefits were originally passed on a temporary basis. the thinking was the economy would be in much better shape by now and policies could expire without causing a recession. >> learn anymore at wusa9.com and 9news. this has been a 9news fiscal cliff note. >>> rain fell across the area today. folks in minnesota and wisconsin are digging out from nearly a foot of snow. winter storm is making for tough driving conditions on highways there. residents are being warned against strong wind gusts overnight. too early to ask about a white christmas. >> absolutely it's too early to ask about a white christmas. i am going to keep that out of the forecast for now. >> all right. >> but we have more rain on the way unfor the fetly this very pattern is going to stick around through
current payroll tax cut is set to expire on december 31st. in dollars and cents this means your payroll tax withholding is going from 4.2% to 6.2%. now why is this happening? many of the policies expiring at the end of the year like the payroll tax cut and emergency unemployment benefits were originally passed on a temporary basis. the thinking was the economy would be in much better shape by now and policies could expire without causing a recession. >> learn anymore at wusa9.com and...
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drastically reduce tax rates. most of eastern europe now has flat tax is. in all these countries, revenues have boomed. there hasn't been a big craze this is anime and estonia. this in a past and estonia with 12% flat tax. the fact is supply-side economics is booming around the world. it's only in the united states that soul-searching and from this economics of enterprise. >> what is your analysis of what is happening in what donald rumsfeld recalled old europe? >> old europe is fallen with the indulgent dilutions of the welfare state. they've all accepted dependence on a show i've government and bass have destroyed the value of their assets. when you destroy the value of your assets, ultimately the human beings who make your economy go our investments and creations of work after. when you'd appreciate this asset, reliability is become impossible. if you unleashed the assets of your economy, allows the stock market to boom and thread began, then all of a sudden these liabilities they seem impossible today become manageable in the future. >> george gilder, w
drastically reduce tax rates. most of eastern europe now has flat tax is. in all these countries, revenues have boomed. there hasn't been a big craze this is anime and estonia. this in a past and estonia with 12% flat tax. the fact is supply-side economics is booming around the world. it's only in the united states that soul-searching and from this economics of enterprise. >> what is your analysis of what is happening in what donald rumsfeld recalled old europe? >> old europe is...
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i do not know how we get there. >> the definition of tax reform is do not tax you, do not tax me -- >> on the second piece, the danger with putting goals that would leave it to the regular order -- the regular order will not produce a result. there are two ways to deal with that -- build another fiscal cliff to put on pressure, which puts us right back where we are, or have a default mechanism which has policy set aside that both sides do not like. one thing about the baseline -- under current law, if the congress packed its bags right now and went away, at the end of the 10-year period our debt to gdp ratio would be under 1%. he would definitely solve the deficit problem. >> under 1%? >> i believe. >> the percentage of your debt -- not the deficit to gdp? >> debt to gdp. now, we do not want to get there that way. the same way we do not want to go over the fiscal class. the fiscal cliff is big austerity -- you get $7 trillion in deficit reduction over 10 years. but you do not do it you really want to do it. when it comes to the baseline, you have to work together as part of an agreeme
i do not know how we get there. >> the definition of tax reform is do not tax you, do not tax me -- >> on the second piece, the danger with putting goals that would leave it to the regular order -- the regular order will not produce a result. there are two ways to deal with that -- build another fiscal cliff to put on pressure, which puts us right back where we are, or have a default mechanism which has policy set aside that both sides do not like. one thing about the baseline --...
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gains tax cut, not from the income-tax increase. lou: you and i have do what the repblicans, perhaps too often. we talk about the economics of it, the theory of it, if you will, the extraction of t, but but the realitys the republican party has not come up with a rejoinder, a respnse to a, if you will, a socialist redistributionist president who right now claims thefield is on because there is no other standard flying over that field. there is a spker of the house to is simply saying, this is not right. you know, we are not at the table and complaining, but not, not engaging. >> i think we have got to engage the argument. we cannot win the argument while acknowledging that an increase in tax rates would increase revenues and all. it will just today the top 1 percent are paying about 40 percent of the income tax. the top 25 percent are paying 87% of the income tax. it does not get any better than that. this is under the bush tax rates. you eliminate the tax rates and you will get less revenues, more capitol flight from the united sta
gains tax cut, not from the income-tax increase. lou: you and i have do what the repblicans, perhaps too often. we talk about the economics of it, the theory of it, if you will, the extraction of t, but but the realitys the republican party has not come up with a rejoinder, a respnse to a, if you will, a socialist redistributionist president who right now claims thefield is on because there is no other standard flying over that field. there is a spker of the house to is simply saying, this is...
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i think we need both tax revenue and much more than tax reform will give us, we also need higher tax rates and we also need spending cuts and it has to be balanced. i'm optimistic about this, it seems to me they're coming to common ground here on the tax side and the spending side. >> right now when i'm with the dreath democrats they say no cuts in medicaid, no cuts? social security. >> they kind of don't matter at this point, right? >> they don't matter, but it is going to be, we talked so much about the politics within the republican party and within the republican caucus in the house. but talk to senior democrats and they will tell you, even rank and file democrats, emmanuelle cleaver is important because he's the tom cole of the left, but it's going to be hard for them to walk in at the democratic caucuses that you're going to have to give on raising eligibility for medicare. >> you know the deals that were made, as few as they were recently have not been from the right to the left, but the speakinger has lost her left and the house speaker has los his right. >> there's got to be
i think we need both tax revenue and much more than tax reform will give us, we also need higher tax rates and we also need spending cuts and it has to be balanced. i'm optimistic about this, it seems to me they're coming to common ground here on the tax side and the spending side. >> right now when i'm with the dreath democrats they say no cuts in medicaid, no cuts? social security. >> they kind of don't matter at this point, right? >> they don't matter, but it is going to...
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and when these people zero in-- as erskine said they zero in on taxes, taxes, taxes, we said you've got revenue one to four, three times spending cuts versus one of revenue, but you go into the code and like this one, you go to home mortgage interest deduction and the housing industry guys, all the lobbyists go nuts. we said, look, we're not going to take it away from you but it doesn't need to be a million buck on a second home. we said take it to 500,000, give everybody a 12.5% nonrefundable tax credit which helps the little guy. and they go, "oh, yeah, i guess that might work." everybody is in the game. this will be savagery, full-page ads, ladies, old charge, veterans, simpson-bowles are doing their tricks out there. hang on tight. it's going to be a real, real struggle. >> schieffer: let me just ask you, you caught a lot of people's attention, including ourselves last week, when you did this video on internet to try to get young people-- >> eskind, will you quit laughing. i can hear efers kin hear erskine laughing. >> stop instagramming your breakfast and tweeting your first world
and when these people zero in-- as erskine said they zero in on taxes, taxes, taxes, we said you've got revenue one to four, three times spending cuts versus one of revenue, but you go into the code and like this one, you go to home mortgage interest deduction and the housing industry guys, all the lobbyists go nuts. we said, look, we're not going to take it away from you but it doesn't need to be a million buck on a second home. we said take it to 500,000, give everybody a 12.5% nonrefundable...
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letting taxes go up on everything. that's not what he wants. >> chris: payroll taxes. >> right. both sides have strong incentives to make a deal. not to mention they want to get out of town for christmas. >> bill, given all of that, and you were one of the early people who said republicans -- i just felt we would remind those who may have missed it, you said republicans don't want to fight over tax increases for millionaires. what's the smart play for republicans at this point and how do they get -- because it's all about taxes. how do they get the deficit debate back to spending and entitlements? >> they can do that next year once taxes are off the table. these pass an extension of all bush tax cuts which republicans believe is best. >> before the end of the year. >> yes, before christmas. then pass perhaps a second piece of legislation as a fallback if the senate doesn't accept the better piece. it makes accommodations to president obama and allows a hike up to 37% for millionaires. obama has a extreme position. 4% on every family making $250,000 or more. there are a a lot of
letting taxes go up on everything. that's not what he wants. >> chris: payroll taxes. >> right. both sides have strong incentives to make a deal. not to mention they want to get out of town for christmas. >> bill, given all of that, and you were one of the early people who said republicans -- i just felt we would remind those who may have missed it, you said republicans don't want to fight over tax increases for millionaires. what's the smart play for republicans at this point...
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it doesn't say we're going to raise taxes, it says this group for sure, your taxes are not saying get that done with, moving on the, the speakers put out a proposal, it makes sense to me. at the end of the month, taxes go up for everybody. let's make sure where we can, we save as many of those tax cuts for as many people as possible. it's not waving a red flag to recognize political reality. >> if speaker boehner comes to you all with a package that promises entitlement reform, or puts us on a path to it, or whatever, it does the same thing it does to spending cuts, does he have support within the caucus for raising tax rates? >> well, remember, tax rates are going up anyway, we're not raising them. that's current law. i think what the speaker has supported -- and you should look at the proposal he put out. the most interesting thing to me was every single one of our major leaguers signed it, paul ryan, who has a role because of his vice presidential nomination -- >> $800 billion worth of revenue. >> yes, a speaker is very strong, got us through a tough election, maintained our majori
it doesn't say we're going to raise taxes, it says this group for sure, your taxes are not saying get that done with, moving on the, the speakers put out a proposal, it makes sense to me. at the end of the month, taxes go up for everybody. let's make sure where we can, we save as many of those tax cuts for as many people as possible. it's not waving a red flag to recognize political reality. >> if speaker boehner comes to you all with a package that promises entitlement reform, or puts us...
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the tax measure. after the tax measure was passed, the governor's job approval rating went town 48%. nearly half of the people now think the state is going in the right direction. that is a difference. but 94% of those polled still believe that the state's fiscal future overall remain as problem. so, with numbers like that, we turned to former mayor and state assembly speaker willy brown and san francisco chronicle political reporter joe garifoli. our first question to the pair is it appears happy days are here again for california voters, but why are they feeling so good? >> they are feeling better. not a management of people are feeling good, but they are -- not a majority of people are feeling good, but they are feeling more optimistic. they think is state is on better financial footing. >> did you ever take stock when the public was feeling better or worse? >> no, are youing me? i am more -- are you kidding me? i am more concerned about the votes. the public was basically in second place. i had to
the tax measure. after the tax measure was passed, the governor's job approval rating went town 48%. nearly half of the people now think the state is going in the right direction. that is a difference. but 94% of those polled still believe that the state's fiscal future overall remain as problem. so, with numbers like that, we turned to former mayor and state assembly speaker willy brown and san francisco chronicle political reporter joe garifoli. our first question to the pair is it appears...
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they are flattening the tax rates. they're creating jobs and growing their economies at twice the rate of this lunacy that the president continues to pursue. >> we have a short-run problem, purely a political problem about this fiscal cliff. it has nothing to do with the bondholder and the debt. we should work on that. >>> we got to take a break. lots more roundtable. >>> why did the tea party star quit the senate. what does it mean for the gop? >>> what's next for hillary? twenty-three billion dollars to help those affected and to cover cleanup costs. today, the beaches and gulf are open, and many areas are reporting their best tourism seasons in years. and bp's also committed to america. we support nearly 250,000 jobs and invest more here than anywhere else. we're working to fuel america for generations to come. our commitment has never been stronger. that retiring some day is even an option for sean and me. how'd you get comfortable enough to know you could really do it? well, planning, of course. and we got a lot o
they are flattening the tax rates. they're creating jobs and growing their economies at twice the rate of this lunacy that the president continues to pursue. >> we have a short-run problem, purely a political problem about this fiscal cliff. it has nothing to do with the bondholder and the debt. we should work on that. >>> we got to take a break. lots more roundtable. >>> why did the tea party star quit the senate. what does it mean for the gop? >>> what's next...
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they want to about to the president's demand that taxes go up for the wealthy. >> will i accept a tax increase to actually solve our problems? yes. >> we have one house and that's it. this is in the democrats' hands. >> we agree on 98% of this, to me, i would just get it off the table also they don't worry about it. >> they agreed that visits are going up on the rich no matter what. >> you cannot generate enough revenue to have meaningful deficit reduction. >> republicans want a big spending cuts from programs like medicare and social security. >> we do not want to be here in another year or attend. >> on both sides of pennsylvania avenue, from main street to wall street, americans are waiting to see who will blink first. both are eager to wind down the crisis, but no one wants to walk away in defeat. , wbal-tv 11 news. >> an update on a former president in the hospital. >> former president george h. w. bush remained unstable condition for treatment of a bronchitis- related costs. and has been two weeks since he was admitted for treatment. they say there's no change in the four presid
they want to about to the president's demand that taxes go up for the wealthy. >> will i accept a tax increase to actually solve our problems? yes. >> we have one house and that's it. this is in the democrats' hands. >> we agree on 98% of this, to me, i would just get it off the table also they don't worry about it. >> they agreed that visits are going up on the rich no matter what. >> you cannot generate enough revenue to have meaningful deficit reduction....
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raise the tax rate for the rich? that's at the top of the list but besides this and getting a deal done on time, what would really stuff the president's stocking, giving him a fresh start for his second term. shopping days, what would it take to make everyone happy or equally unhappy? a cut in government spending, a squeeze on medicare and medicaid. anything else? and finally hillary, clintons, both of them, global figures abroad, political superstars at home. to become in the four years, does she just have to wait? would anyone challenge her for the prize? could a hot new republican give her trouble, or cause her not to run? i'm chris matthews, welcome to the show. with us today, john harris, kelly o'donnell, michelle caruso-cabrera and david ignatius with "the washington post." first up, will president obama convince republicans to give him a compromise that's big enough, sweeping enough to end this month on a high note? to cap off his election win and get a clean start on his second term. a victory for the preside
raise the tax rate for the rich? that's at the top of the list but besides this and getting a deal done on time, what would really stuff the president's stocking, giving him a fresh start for his second term. shopping days, what would it take to make everyone happy or equally unhappy? a cut in government spending, a squeeze on medicare and medicaid. anything else? and finally hillary, clintons, both of them, global figures abroad, political superstars at home. to become in the four years, does...
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all of those americans, too, get a tax cut. the obama administration is happening what happens for the aying american families. we have congressman randy forbes. >> let me ask you something. do you feel like a president actually wants this to happen so that it gives him some political ad vantage? >> i have to judge that by two things. first of all what i am hearing from my colleagues on the democratic leadership side they said they wanted to go over the fiscal cliff because we have argued all along they will start by simply taxing everybody over 250,000. they told me they wouldn vote fr anything that would tax everybody over 150,000. you take the president's actions. the president doesn't want to get an agreement or compromise he wants to get his way. he won't come to the table with any serious proposal because we can get a solution everybody can live with. >>> they have a bit of a messaging problem. i don't understand why there's not more of a conversation that starts with the fact these taxes go up. democrats would not extend
all of those americans, too, get a tax cut. the obama administration is happening what happens for the aying american families. we have congressman randy forbes. >> let me ask you something. do you feel like a president actually wants this to happen so that it gives him some political ad vantage? >> i have to judge that by two things. first of all what i am hearing from my colleagues on the democratic leadership side they said they wanted to go over the fiscal cliff because we have...
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the other way is if you raise taxes, as a part of a grand bargain, you could provide that those taxes would be rescinded automatically and would sun set in the event you exceeded that cap of spending to gdp, whatever it is, 20%, 21%, wherever it is, 22%. >> on the spending side, even if you were to do the kind of sequestration you were talking about, if you look at the medium term and suddenly the long-term. >> yeah. >> all of the increases in spending are essentially around health care. it's medicare and medicaid that are out of control. >> yeah, you got it. >> what would you do about that? >> you got to fix it, you got to you got to have entitlements tochb table because entitlements are the biggest part of our spending problem. defense has to be on the table. everything has to be on the table. you have to begin this negotiation by agreeing that they're not going to be any preconditions. everything's going to be on the table, you ought to also have an agreement that nothing will be decided until everything is decided. you ought to also have an agreement that it will be done in confid
the other way is if you raise taxes, as a part of a grand bargain, you could provide that those taxes would be rescinded automatically and would sun set in the event you exceeded that cap of spending to gdp, whatever it is, 20%, 21%, wherever it is, 22%. >> on the spending side, even if you were to do the kind of sequestration you were talking about, if you look at the medium term and suddenly the long-term. >> yeah. >> all of the increases in spending are essentially around...
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their tax rate jumps from 25% to 28%. they could be hit by the alternative minimum tax. the child tax credit drops from $1,000 to $500 and payroll taxes could be $2,000 more next year. for a single 25-year-old in michigan who works full-time earning $30,000 a year going to school part-time, his tax rate would stay the same at 15%. but he would lose the american education tax credit and have to pay more than $600 in payroll taxes. and even though it's weeks before the changes would take effect the impact is already being felt because of uncertainty. 401(k) plans are taking a hit. companies are putting freezes on hiring. and the retail sector which makes most of its money in the final weeks of the year. black friday is over and people are just hoping it doesn't turn into bleak friday. >> trying to be penny wise and not dollar stupid. >> the national retail federation did a survey that 64% of americans are watching closely the negotiations in washington over the fiscal cliff and that a lot of consumers are taking a wait and see approach, reluctant to go on a spending spree.
their tax rate jumps from 25% to 28%. they could be hit by the alternative minimum tax. the child tax credit drops from $1,000 to $500 and payroll taxes could be $2,000 more next year. for a single 25-year-old in michigan who works full-time earning $30,000 a year going to school part-time, his tax rate would stay the same at 15%. but he would lose the american education tax credit and have to pay more than $600 in payroll taxes. and even though it's weeks before the changes would take effect...
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of course, the president is saying tax rates being tax rate, tax rates. he is trying to tap into the anger and angst of the election. if i have learned anything, if you get people to act out of anxietier and rage, you will make bad mistakes. what we have to look at is the issue of the deficit and the issue of getting people back to work. you know, when the president talks about, if we don't deal with the fiscal cliff, the average family will see their taxes go up $2,000 a year. in the last few years, their gasoline bill has increased $2500 a year. so we need to be dealing with the natural gas and the oil and the gasoline and the energy prices. >> not only a member of congress, a medical doctor and a psychiatrist. make you can get everybody on the couch. you mentioned taxes, taxes, taxes. here's an interesting take from robert robb. let me get your reaction to this. he said, quote, what obama is trying to do is force republicans to finance, through higher taxes and increased borrowing, the size of the furthermore government obama thinks is appropriate. oba
of course, the president is saying tax rates being tax rate, tax rates. he is trying to tap into the anger and angst of the election. if i have learned anything, if you get people to act out of anxietier and rage, you will make bad mistakes. what we have to look at is the issue of the deficit and the issue of getting people back to work. you know, when the president talks about, if we don't deal with the fiscal cliff, the average family will see their taxes go up $2,000 a year. in the last few...
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how about that for tax reform! check it out yourself in the documentary "capitol crimes" on our website billmoyers.com. you'll see the story of how the man who has the republican party under his thumb came to washington to start a revolution and wound up running a racket. now he's the proxy for the powerful interest groups that finance him. so, not only does the norquist pledge symbolize a "political system short on legitimacy," as christopher caldwell wrote, it isn't even about principle or ideology. conservatism my foot, it's all about the money. coming up on "moyers and company," poet james autry on living a life of gratitude, no matter what. >> the world is very much with us. and i'm no pollyanna, but i choose gratitude as an interior journey, an interior practice that sort of this one that, if i can choose to be grateful for my life, love the life i have in the midst of all this, then i can be grateful for other things. >> and at our website, billmoyers.com, you can find out more about fighting back against th
how about that for tax reform! check it out yourself in the documentary "capitol crimes" on our website billmoyers.com. you'll see the story of how the man who has the republican party under his thumb came to washington to start a revolution and wound up running a racket. now he's the proxy for the powerful interest groups that finance him. so, not only does the norquist pledge symbolize a "political system short on legitimacy," as christopher caldwell wrote, it isn't even...
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we all know that the top 1% or 2% is paying lower income taxes than any time in our history. they've had a great deal, president bush set that up for them but we as nation did better under the clinton tax policies where we asked the wealthy to pay their fair share and the result was economic prosperity. we can't balance the budget without having new revenue come from the wealthy. when you see the games they are play in congress right now to suggest you can do that with reductions and other ways, it is not true. the math does not add up. the president needs to stick to his guns and i know he will. in ensuring the wealthiest americans to help the great nation bailout from this mess. second, when we talk about cuts we have to make them. i can tell you the president and the vice president do not believe that the way to balance the budget is on the backs of the states. if they reduce the commitment to health care, medicare and medicaid which we're all struggling with in the states right now and say we're going reduce their reimbursement and shift the burden back to the states. the
we all know that the top 1% or 2% is paying lower income taxes than any time in our history. they've had a great deal, president bush set that up for them but we as nation did better under the clinton tax policies where we asked the wealthy to pay their fair share and the result was economic prosperity. we can't balance the budget without having new revenue come from the wealthy. when you see the games they are play in congress right now to suggest you can do that with reductions and other...
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well the payroll tax holiday, it was created in 2010, it had a two-year tax extension, it expires on december 31st. this is a 2% payroll tax that all americans were enjoying. if nothing is resolved, your first paycheck in january is going to be 2% lighter. that may not sound like a lot. but you take a person who's makimake $50,000 per year, it's about 1,700 a year. >> i'm going to guess that even if we do leap off the cliff, we'll have some type of a resolution, some type of a deal that will be retroactive back to january 1. but why play with poison like that, right now have to expect that you want that deal done now. >> what are the convinces for tfor -- consequences for military personnel? >> just on the defense sector alone, you're looking at $55 billion in cuts just to the defense budget. you have to look at the ancillary part of this. you look at real estate holdings, homes that are have a close proximity to defense. >> final question for you, todd, a major confusion going on here, it's about this so-called $250,000 there are hold for house holds, does this mean that all of the
well the payroll tax holiday, it was created in 2010, it had a two-year tax extension, it expires on december 31st. this is a 2% payroll tax that all americans were enjoying. if nothing is resolved, your first paycheck in january is going to be 2% lighter. that may not sound like a lot. but you take a person who's makimake $50,000 per year, it's about 1,700 a year. >> i'm going to guess that even if we do leap off the cliff, we'll have some type of a resolution, some type of a deal that...
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even the estate tax and deductions and exemptions and he'll be done with tax reform. i think his goal is to make this set of tax changes permanents. >> i think he wants one other thing, republican fingerprints, that is votes in favor of raising rates because he knows if that happens. he decides the republican party and offers some protection for democrats for raising taxes in the next congressional election. >> absolutely. breaking the republican party would be a benefit to this plan, also, i don't think barack obama minds in the tax rates go up on the middle income people as well. >> paul: he's promised-- you're saying-- >> the ultimate win is to have all of that new revenue for the government and being able to blame it on the republicans. >> paul: wait a minute, if you're saying we go over the cliff, nothing happens in december, come january the president will not turn around and insist on andis ... >> well, things in the middle east went from bad to worse this week with reports to the syrian military is preparing temp cal weapons that could be used against its own
even the estate tax and deductions and exemptions and he'll be done with tax reform. i think his goal is to make this set of tax changes permanents. >> i think he wants one other thing, republican fingerprints, that is votes in favor of raising rates because he knows if that happens. he decides the republican party and offers some protection for democrats for raising taxes in the next congressional election. >> absolutely. breaking the republican party would be a benefit to this...
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gerri: as you are implying, the taxes, the debt tax sores after january 1 if nothing happe. >> monster. gerri: absolutely frightening. to you, you can see how people are reacting in the heartland to this. we're seeing reports every single day about people who are no upping the ante to charity because they're worried that their charitable donation will be worth less. companies ar paying dividends like to have not seen in december. it seems to me like the rest of the world is ahead of congress. washington is in the rearview see, and everybody else is getting ahead of them. >> right. i say that's like every other day in america where the rest of the world as head of congress. [laughter] gerri: how is this different? [laughter] >> i think that's right. i think what we're seeing in public is a little bit different from all rehearsing in private. what you're likely to see is republicans agree to some kind of decoupling of th ax rate issue, whether they do it and this proposal that has been floated that they vote presnt and let the president and democrats on the issue or whether they free up
gerri: as you are implying, the taxes, the debt tax sores after january 1 if nothing happe. >> monster. gerri: absolutely frightening. to you, you can see how people are reacting in the heartland to this. we're seeing reports every single day about people who are no upping the ante to charity because they're worried that their charitable donation will be worth less. companies ar paying dividends like to have not seen in december. it seems to me like the rest of the world is ahead of...